SAIB 9M 2020 net profit rises to SAR 714.4 mln

01/11/2020 Argaam Exclusive

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Saudi Investment Bank (SAIB) reported a net profit of SAR 714.4 million for the first nine months of 2020, a more than twofold increase year-on-year (YoY), compared to SAR 308.6 million in the same period last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Net Special Commission Income	1,707.20	1,767.38	3.5 %
Operating Income	2,104.64	2,155.93	2.4 %
Total Provisions	(894.36)	(380.97)	57.4 %
Net Income	308.64	714.35	131.5 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.25	0.57	131.5 %

The bank attributed the increase in net profit to a decrease in provisions for credit and other losses, rent and premises-related expenses, and other general and administrative expenses.

This was offset by an increase in salaries and employee-related expenses, and depreciation and amortization.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Net Special Commission Income	566.13	575.46	1.6 %
Operating Income	739.35	724.92	(2.0 %)
Debt Provisions	(66.15)	(57.30)	13.4 %
Net Income	311.93	301.37	(3.4 %)
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.25	0.24	(3.4 %)

Item	Q2 2020	Q3 2020	Change‬
Net Special Commission Income	609.21	575.46	(5.5 %)
Operating Income	713.29	724.92	1.6 %
Debt Provisions	(98.70)	(57.30)	41.9 %
Net Income	262.26	301.37	14.9 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.21	0.24	14.9 %

The bank reported a net profit of SAR 301.4 million for the third quarter of 2020, a 3% YoY decrease, on lower gains on FVOCI debt securities, exchange income, and fair value through profit and loss.

When compared to previous quarter, Q3 2020 net profit grew 14.9% due to lower total operating expenses.

Balance Sheet (B)

Item	9m 2019	9m 2020	Change‬
Assets	96.30	98.34	2.1 %
Customer Deposits	64.96	59.84	(7.9 %)
Loan	57.63	57.72	0.2 %

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